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TRANSPORT OPERATIONS (PASSENGER TRANSPORT) ACT 1994 - SECT 197
Transfer of TransLink assets and liabilities to the State
197 Transfer of TransLink assets and liabilities to the State
(1) At the beginning of the day on the transfer day— (a) TransLink is
divested of all TransLink assets and released from all TransLink liabilities;
and
(b) TransLink assets become the assets of the State; and
(c) TransLink
liabilities are assumed by the State.
(2) This section does not limit or
otherwise affect section 195(2)(b).
(3) In this section—
"TransLink asset" means an asset that, immediately before the transfer day, is
an asset of TransLink.
"TransLink liability" means a liability that, immediately before the transfer
day, is a liability of TransLink.
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